Bitcoin, Ethereum Price Down While EverGrow Breaks Records with Rewards Announcement

Bitcoin, Ethereum Price Down While EverGrow Breaks Records with Rewards Announcement

EverGrow is attracting crypto investors with US$34 million rewards as the top BUSD reward token

Crypto is undergoing a bearish cycle in mid-February 2022. All but 3 of the top 20 crypto tokens are down in price over the last seven days, including the biggest crypto of all: Bitcoin. Alongside BTC, Ether, BNB, XRP, Cardano, and Solana are all down over the last week. Bitcoin has rallied from a low of $33,000 in January and is currently stagnating at around $43,660. 

Despite the bearish crypto market in February 2022, a few projects have surprised the industry with skyrocketing prices or record-breaking announcements. Take EverGrow crypto as an example: while the top 20 cryptos were falling in price this plucky newcomer became the #1 BUSD rewards token, announcing over $34 million had been distributed in rewards since launching fewer than five months ago.

In this article, we'll have a look at how some of the biggest cryptocurrencies are doing alongside a few pleasant surprises. 

Bitcoin (BTC)

The bear condition has continued through mid-February, with Bitcoin's price stagnating around $43,000. Prices hit $45,000 on February 10 before dipping again down to $41,000 and then recovering slightly. Usually, when Bitcoin (BTC) crashes, the whole crypto market crashes. The reasons for the current stagnation are rooted in market news, like growing fears of Bitcoin regulations. In Canada following the truckers' protests, for example, the Canadian government announced a crackdown on money laundering, with surveillance on crypto transactions.

EverGrow (EGC)

EverGrow is the newest cryptocurrency on this list, launching in September of last year. The EGC token started bullishly, breaking records to attract well over 20,000 investors within the first week. It broke records again this month after partnering up with fellow rewards token SafeMoon, before announcing it had become the #1 rewards token paying out BUSD. To date, the EverGrow team has paid $34 million in BUSD (Binance pegged US dollars) which is deposited into Token holders' wallets automatically.

EverGrow is currently trading at $0.0000005884 with a market cap of $300 million. With new developments coming soon – like crypto and fiat-integrated content subscription and social media platform, Crator – EverGrow could break a few records again whatever market we face in 2022.

Ethereum (ETH)

The price of the Ethereum (ETH) has fallen nearly 4% over the last seven days. The ETH token price fell below $3,000 for the second time in 2022 this February, before regaining slightly at the beginning of the month. Ethereum joined Bitcoin and most other cryptocurrencies in the bull run last November, where it hit $4,620 valuation. ETH prices are now back to where they were in August, as investors wait for the next bull market in 2022.

Chainbing (CBG)

Chainbing has been the biggest crypto gainer over the last seven days, according to CoinMarketCap. This crypto project is only about 2 months old but has quickly rallied to a market cap of over $1 billion. Over the last 7 days, the token price has jumped an incredible 1160% from a price of $2 to over $55 a few days ago. The price has been falling steadily over the past few days, though this new project is proof that crypto gainers can come from nowhere.

Avalanche (AVAX) 

Avalanche has been one of the few top 20 cryptos to see growth over the past seven days. The AVAX token has seen a price increase of just over 2.3% in the past week, gaining to a price of $93.02. On February 16th that price was up at $97 before falling steadily. Both of these prices are up from a low of around $56 seen back in January when all cryptos were feeling the effects of a bearish cycle. Despite other top 20 cryptos losing value in mid-February 2022, Avalanche is the only one still going strong. 

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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